Buyer landscape
Likely buyers · SaaS in Belgium.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
The list: 24 Tier 1 · 1 Tier 2 of 120 matched buyers, including 38 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. Hg SponsorVery High89
48 platform investments in Software & IT · 4 in Belgium · 22 deals 2024–26
AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M
24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.
Backed OneStream, 2026 · SaaS, US
2. AFINUM Management GmbH SponsorVery High87
14 platform investments in Software & IT · 9 deals 2024–26
AFINUM X Buyout (2026) · 2026 vintage · deploying · check €10-75M
2 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed Fairbanks, 2026 · SaaS, Netherlands
3. EQT SponsorVery High84
40 platform investments in Software & IT · 5 in Belgium · 51 deals 2024–26
AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B
53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed Mews, 2026 · SaaS, Netherlands
4. Oakley Capital SponsorVery High83
15 platform investments in Software & IT · 20 deals 2024–26
AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M
10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Bought Senef from Isatis Capital, 2026 · SaaS, France
5. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High81
15 platform investments in Software & IT · 19 deals 2024–26
AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M
10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Blinq, 2025 · SaaS, Australia
6. BID Equity Continuation Fund I SCSp SponsorVery High81
12 platform investments in Software & IT · 9 deals 2024–26
AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M
Accelerating: 7 deals in the last 2 years vs 2.0/yr before.
Bought everii from BID Equity, 2025 · SaaS, Germany
7. Apax Partners SponsorVery High80
35 platform investments in Software & IT · 21 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
8. Apax Partners (with NewAlpha) SponsorVery High80
30 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
9. Apax Partners and Inova Capital SponsorVery High80
29 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
10. Apax Partners and JMI Equity SponsorVery High80
29 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
11. Apax Partners SAS SponsorVery High80
29 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed DLRdmv, 2025 · SaaS, US
12. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High80
18 platform investments in Software & IT · 15 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed SnelStart, 2025 · SaaS, Netherlands
Tier 2 · High · score 50+
13. Visma PE-backedHigh79
164 acquisitions in Software & IT · 12 in Belgium · 55 deals 2024–26 · add-on program under General Atlantic / Hg
Platform held 6 yrs · likely exiting
Active in Belgium since 2020.
Added on MaisMei, 2026 · SaaS, Brazil
Tier 1 · Very High · score 70+
14. Kester Capital SponsorVery High79
7 platform investments in Software & IT · 7 deals 2024–26
Kester Capital IV · 2025 vintage · deploying · check €10-75M
3 platform investments since the 2025 vintage · mid-deployment vs its usual 5 per fund.
Backed Nutritics, 2026 · SaaS, Ireland
15. Maguar Capital SponsorVery High79
5 platform investments in Software & IT · 1 in Belgium · 7 deals 2024–26
AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M
7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Backed Schlafender Hase, 2026 · SaaS, Germany
16. Maguar Capital Partners SponsorVery High79
4 platform investments in Software & IT · 1 in Belgium · 6 deals 2024–26
AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M
7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Backed Schlafender Hase, 2026 · SaaS, Germany
17. TeamSystem PE-backedVery High78
86 acquisitions in Software & IT · 28 deals 2024–26
Added on DIA Yazilim, 2026 · SaaS, Turkey
18. Axcel SponsorVery High78
20 platform investments in Software & IT · 14 deals 2024–26
Axcel VII · 2023 vintage · deploying · check €26-194M
15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.
Backed SuperOffice, 2025 · SaaS, Norway
19. BU Bregal Unternehmerkapital SponsorVery High78
17 platform investments in Software & IT · 14 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed SnelStart, 2025 · SaaS, Netherlands
20. Isai Gestion SponsorVery High77
61 platform investments in Software & IT · 30 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed Synera, 2026 · SaaS, Germany
21. Summa Equity SponsorVery High77
12 platform investments in Software & IT · 10 deals 2024–26
Summa Equity Fund III · 2022 vintage · partially deployed · check €46-345M
14 platform investments since the 2022 vintage · largely deployed vs its usual 9 per fund.
Bought Peoplesafe from ECI Partners, 2026 · SaaS, UK
22. Swanlaab Venture Factory SponsorVery High77
12 platform investments in Software & IT · 18 deals 2024–26
Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying
Accelerating: 15 deals in the last 2 years vs 1.3/yr before.
Backed Flowww, 2025 · SaaS, Spain
23. GRO Capital SponsorVery High77
22 platform investments in Software & IT · 5 deals 2024–26
AUM €1.2B · GRO Generation I · 2024 vintage · deploying · check €3-23M
5 platform investments since the 2024 vintage · mid-deployment vs its usual 6 per fund.
Backed Toolsense, 2026 · SaaS, Austria
24. EOS Partners SponsorVery High77
4 platform investments in Software & IT · 4 deals 2024–26
AUM €500M · EOS Fund II · 2023 vintage · deploying · check €6-47M
4 platform investments since the 2023 vintage · mid-deployment vs its usual 7 per fund.
Backed Drooms, 2026 · SaaS, Germany
25. Waterland Private Equity SponsorVery High76
18 platform investments in Software & IT · 36 in Belgium · 39 deals 2024–26
Waterland Private Equity Fund IX (WPEF IX) · 2023 vintage · deploying · check €70-525M
48 platform investments since the 2023 vintage · largely deployed vs its usual 19 per fund.
Backed Netconomy, 2025 · IT Services, Austria
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.